Chancellor Philip Hammond will reportedly use his Spring Budget on Wednesday to deliver an upbeat speech about the UK’s economic prospects after Brexit.
According to the BBC, the chancellor is expected to admit that while families are still “feeling the pinch” a decade after the financial crash of 2007/08, the economy has proved resilient.
It is understood he will be “offering a positive backdrop to his first Budget ahead of the start of new chapter for the country outside of the EU.”
“He will say that in building the foundations of a stronger, fairer, better Britain, outside the EU – the government understands the concerns of those who worry about their children’s ability to access the opportunities they themselves enjoyed,” the BBC reports.
The new economic programme outlined by the Chancellor strives for a “stronger, fairer, better Britain” outside the EU.
What to expect:
- £500m a year to ensure young people receive the training necessary for highly skilled and highly paid jobs of the future.
Writing in the Sunday Times, Hammond said:
“We will take further action to give our young people the training they need to access the highly skilled and highly paid jobs of the future. Not only is this vital for them as individuals, it is vital for British business, too. All the leading business organisations consistently tell me that access to highly skilled workers is the key prerequisite for Britain’s future economic success,”
- £1.3 billion for social care over the next two years.
- Measures to protect consumers from unwanted subscription fees.
- A tax hike for those who are self-employed.
- Potential support for firms that will be affected by substantial hikes in business rates later this year.
According to City A.M., communities secretary Sajid Javid said: “It is clear to me that more needs to be done to level the playing field and to make the system fairer.”
“I am working closely with my right honourable friend the chancellor to determine how best to provide further support to business facing the steepest increases,” he added.
“We expect to be in a position to make an announcement at the time of the Budget in just two weeks.”
